Developers Forum for XinFin XDC Network

Discussion on: Increasing the Security and Decreasing the Supply of XDC

mrblockchain22 profile image
Salomon Morales

I vote YES, with the following comments.

Part 1 A / B and Part 2:
Keeping the network secured should be paramount and I believe we should take any opportunity to keep the network secured. Increasing the tx fees is a good way to tackle the low hanging fruit. I'm leaning towards the higher side but with the capability of reducing the fees as price of XDC increasing. We don't want to become the next ETH in high transactions fees, while remaining competitive with other EVM and non-EVM chains that advertise low transactions fees. Having the ability to adjust the fees as price of XDC increasing will be appealing to anyone looking to build on XDC or use XDC as the choice of moving money for instant settlement. We also have to think about Dapps with deflationary systems that will add to the burn ratio of the total supply. We don't want to have an over-burn and cause a STRONGBLOCK issue where they burned too much of the supply and they had to reinvent another token to overcome their issues (extreme example of course but it can happen).

Part 3:
Absolutely yes. Part of decentralization is being able to utilize the smart contract feature of the network for the payouts of the nodes that support the same. Depending on an entity or person(s) for the rewards of the network brings SO many issues that can take the entire network down entirely. I believe addressing this issue should be done before addressing the tx fees increase or simultaneously if possible. The idea that Ronny proposed about NFT's to represent the nodes should be considered as this can address some of the requests that have been made in the past. The opportunity to be able to transfer a node from one party to another, whether a business or person. The NFT should represent the 10 million XDC locked on the node. I had a conversation with the CEO of a layer 2 recently that is doing something very interesting with NFT's and I think this idea should be adopted for the nodes. I can't share publicly as this is not yet public for the layer 2, but I believe it's an amazing idea and opportunity to adopt the same for the nodes supporting the network.

scapin profile image
Arnaldo Scapin Jr

Vote = SIM

duts profile image
duts Author

Thanks Sal - really great points.

arura_mane_bdab97b8a1e6015d profile image
Arura Mane

Vote =YES

Please consider add Airdrops for holders from new projects